2006 CFA PROGRAM Sponsored by:

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1 2006 CFA PROGRAM Sponsored by: CFA Program 1

2 Mission Statement To lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence CFA Program 2

3 Benefits of the CFA Program Knowledge CFA Program 3

4 Benefits of the CFA Program Respect and Credibility Most common occupations of CFA charterholders CEO/Principal Chief Investment Officer Equity Analyst Fixed Income Analyst Investment Banker Investment Counselor Investment Firm Manager Portfolio Manager Portfolio Strategist Sales/Marketing Professional CFA Program 4

5 Benefits of the CFA Program Diverse Career Opportunities Mutual Funds / Investment Companies 25% Brokerage / Investment Banks 19% Investment Management Counselors 14% Commercial Banks / Trust Companies 13% Consulting Firms 6% Insurance Companies 5% Other 18% CFA Program 5

6 Benefits of the CFA Program Opportunity Top 24 Employers Bank of America Barclays BMO Nesbitt Burns, Inc. CIBC World Markets Citigroup Credit Suisse Group Deutsche Bank Fidelity Investments Goldman Sachs ING Groep N.V. J.P. Morgan Chase & Co. Lehman Brothers Mellon Financial Corporation Merrill Lynch & Co., Inc. Morgan Stanley Northern Trust Corporation PricewaterhouseCoopers Prudential Financial Putnam Investments RBC Financial Group Scotia Capital State Street UBS AG Wellington Management CFA Program 6

7 High Regard for the Charter: Job Postings CFA Program 7

8 Chartered Financial Analyst Switzerland CFA charterholders or candidates in the CFA program are to be favored CFA Program 8

9 Project Partners - Luxembourg Head of Analytical services Remuneration: per annum + Excellent Package Position Type: Employee Employment type: Full time An excellent opportunity has come up for a Head of Analytical services person to join a top investment European bank. You will be responsible for gathering and processing of all the data used in the fund business. Responsibilities will include designing and maintaining all data repositories, maintenance of the analytical and quantitative tools intended for mutual fund clients. A close cooperation with the Technology department would be required. At least five years experience in the financial industry in positions involving analytical work with a high quant content. Specific knowledge of the global fund industry is also required. Even if the position does not require software programming the candidate must have a sound technology knowledge allowing him or her to maintain high level conversations with the technology area or even to prototype the proposed solutions or products. In depth derivatives knowledge and comprehension desirable. Experience in defining and implementing software will be taken into account. You must have a: University degree in economics, mathematics, physics, or a related discipline. Master in Finance, master in quantitative finance, CFA, or similar level also required. Fluent English required, other European language desirable Project Partners is acting as an Employment Agency in relation to this vacancy CFA Program 9 The Chartered Financial Analyst (CFA) designation, or similar level, is required.

10 City of New York CFA Program 10 The Chartered Financial Analyst (CFA) designation is strongly preferred

11 Robert Half France Analyste Financier / Gestion Alternative Location: France-Paris Remuneration: Non précisé Position Type: Employee *Société de gestion alternative couvrant une large gamme d'activités de gestion recherche un : Au sein de l'équipe de gestion event driven, vous serez chargé de formaliser des analyses financières en support des gérants. Vous participez à la mise en place et au développement des outils de la cellule d'analyse financière. Analyste financier buy side vous êtes chargé de l'analyse d'actions grandes valeurs multi sectorielles en fonction de l'actualité ou d'idées développées avec les équipes de gérants. Vous rédigez des rapports de recherche sur les sociétés notées, d'études sectorielles et de commentaires sur des thèmes d'actualité. Vous possédez une expérience de deux à trois années en analyse financière buy side. Vous êtes idéalement un généraliste et vous souhaitez vous investir dans une fonction élargie au sein d'une équipe de gestion alternative. Vous êtes proactif, créatif, et avez envie de faire partie intégrante d'une équipe de gérants seniors, en apportant vos capacités analytiques sur des secteurs et des zones géographiques très diversifiées. Rigoureux, pragmatique, vous êtes à l'aise tant à l'écrit qu'à l'oral en français et en anglais. Vous êtes issu d'une formation financière supérieure (Ecole de commerce, 3ème cycle), et avez l'ambition d'obtenir le diplôme de la SFA ou le CFA dans le futur si ce n'est déjà fait CFA Program 11 Ambition to obtain the CFA is favorable.

12 Abu Dhabi Investment Authority An excellent educational background including an M.B.A. and/or C.F.A. is required CFA Program 12 An excellent educational background including an M.B.A. and/or C.F.A. is required

13 Paris Product specialist taux Remuneration: non précisé Position Type: Employee Employment type: Full time *Un Asset Manager de renommée internationale, basé à Paris, recherche pour son département gestion obligataire, un : Product specialist taux Missions : Au sein de leur département Obligataire, vous serez responsable de la gamme de leurs produits et serez en étroite relation avec toutes les fonctions «support», en charge de les commercialiser. Profil : Vous justifiez d une formation Bac+5, type grandes écoles et idéalement, vous êtes titulaire du CFA. Vous avez une excellente expertise des produits obligataires, maitrisez parfaitement les relations commerciales, avez une bonne capacité rédactionelle et parlez l anglais couramment. Vous avez une expérience minimum de 10 ans en tant que gérant obligataire. Vous êtes dynamique, aimez travailler en équipe, êtes rigoureux, organisé et disposez d un excellent relationnel. The Chartered Financial Analyst (CFA) designation is preferred CFA Program 13

14 Benefits of the CFA Program Earning Power The CFA Premium The CFA Premium: US$40,000 $203,000 $163,000 Median Total Compensation for CFA Institute members with 10+ years experience Source: 2003 Compensation Survey Non- Charterholders CFA Charterholders CFA Program 14

15 High Regard for the Charter: Media CFA Program 15

16 Becoming a CFA is now a passport for excellence and international mobility. Financial Times 21 June CFA Program 16

17 CFA Is Global Passport To Career: Advisor s Designation Is Respected Worldwide For Its Skills And Its High Ethical Standards National Post 13 June 2005 When you are hiring investment professionals you automatically know anyone with a CFA has a high standard of education and professional ethics, says Chris Guthrie, hedge fund manager and president of Hilldale Investment Management. The CFA gives immediate material information about anyone who holds it. And it is very rare to see fraud at firms run by CFAs CFA Program 17

18 For an investment professional, procuring the coveted CFA Charter is like winning the grand slam in golf. The competition is fierce, the course is grueling, and the stress is like nothing you have ever experienced. London (Ontario) Free Press Business Monthly 20 September CFA Program 18

19 Nikkei Financial Daily Chartered Financial Analyst Qualification Gaining International Recognition Emphasis on Ethics, Attention from Financial Community Growing Nikkei Financial Daily 20 July 2004 The Chartered Financial Analyst (CFA) qualification is highly rated in financial circles around the world. In many countries it is essential for people working for financial institutions to obtain the license CFA Program 19

20 Whereas there are tens of thousands of finance degrees available around the world, ranging from the excellent to the worthless, there is only one CFA, managed and examined by an American association of financial professionals, the CFA Institute. It used to be just an American qualification. But explosive growth has made it, in effect, global currency. The Economist Feb. 26-Mar 4, CFA Program 20

21 CFA Program 21

22 Global Passport: The CFA Charter Growing Non-US Numbers 45,000 40,000 35,000 30,000 Asia Canada Europe Other 25,000 20,000 15,000 10,000 5, CFA Program 22

23 Global Passport: The CFA Charter Members and Candidates Locations 81,659 Members and 93,769 Candidates Worldwide* United States & Canada Members: 58,830 Candidates: 41,418 Europe Members: 10,806 Candidates: 14,030 Asia & Mainland China Members: 945 Candidates: 11,614 Latin America Members: 860 Candidates: 1,674 Africa & Middle East Members: 1,620 Candidates: 4,556 Pacific Asia Members: 8,598 Candidates: 20, CFA Program 23 * as of 28 March 2006

24 Global Passport: The CFA Charter Global Perspective CFA Program 24

25 Global Passport: The CFA Charter International Recognition CFA Program 25

26 What is the CFA Program? Rigorous Self-Study Program CFA Program 26

27 What is the CFA Program? Three Levels and Three Exams Level I Knowledge and comprehension of fundamental investment tools and concepts Level II Application and analysis focused on asset valuation Level III Synthesis and evaluation of client needs and portfolio management issues Ethical and professional standards are emphasized at every level CFA Program 27

28 What is the CFA Program? Practical, Relevant Education Practitioners at every step of the process CFA Program 28

29 What is the CFA Program? Learning Tied to Current Practice Practice Analysis determines topics taught in the CFA Program Conducted every five years: currently in Involves investment practitioners worldwide: Regional Expert Panels and member surveys What knowledge and skills are needed by an investment professional? CBOK, curriculum, LOS and exams all based on what practitioners need to know CFA Program 29

30 The CFA Course of Study CFA Body of Knowledge Ethical and Professional Standards Quantitative Methods Economics Financial Statement Analysis Corporate Finance Analysis of Equity Investments Analysis of Debt Investments Analysis of Derivatives Analysis of Alternative Investments Investment Tools Asset Valuation Portfolio Management CFA Program 30

31 The CFA Course of Study Three Levels Topic Areas Approximate Percentage Breakdown 15% 5% 10% 10% 40% 5% 35% 50% 50% 30% 40% Level I Level II Level III 10% Investment Tools Asset Valuation Portfolio Management Ethics & Professional Standards CFA Program 31

32 Preparation for the CFA Exams Valuable Learning Experience CFA Program 32

33 The CFA Examinations 2005 Exam Format Multiple Choice Item Set (Objective) Constructed Response Level I 100% Level II* 100% Level III 50% 50% *Beginning in 2005, Level II exams will be 100% item set CFA Program 33

34 The CFA Examinations Graded with Great Care 350+ CFA charterholders in 2005 Teams of practitioners Rigorous and thorough process Consistency and fairness across all papers CFA Program 34

35 June 2005 Exam Exam results 58,908 candidates from 144 countries sat 184 cities worldwide 25% no-show rate (compared to a 10-year average of 27% Pass rates 36% at Level I 56% at Level II 55% at Level III Combined pass rate is 48% CFA Program 35

36 CFA Program Historical Combined Pass Rates Combined Pass Rates: Percent Pass Year CFA Program 36

37 Registering for the CFA Program Bachelor s Degree Requirement Candidates Highest Degree 2% 1% 31% Bachelor s Master s Doctorate Law 66% CFA Program 37

38 Registering for the CFA Program Three Ways to Register Register online at: Download forms from the CFA Institute website and register by mail Contact CFA Institute for a paper CFA exam registration and enrollment package CFA Program 38

39 Registering for the CFA Program CFA Charter Requirements Sequentially pass Level I, II, and III exams Have four years of acceptable work experience Provide professional references (Level III) Join CFA Institute as a member and apply for membership in a local CFA Institute society Submit professional conduct statement CFA Program 39

40 Registering for the CFA Program Connecting with a Local Society CFA Program 40

41 Registering for the CFA Program 1st Year Program Costs 2006 Approximate Costs for New Level I Candidates Registration fee to enter CFA Program US $375 * Enrollment fee for Level I examination US $360 * Study materials for Level I: Study Guide Free CFA Institute publications US $268 Primary textbooks US $427 Approximate Total Costs for Level I US$1,430 *Registration & Enrollment by 1 st fee deadline CFA Program 41

42 Registering for the CFA Program Important Deadlines June 2006 Examinations (Levels I, II, & III) 15 September 2006 Early registration deadline 15 February 2006 Second deadline 15 March 2006 Final deadline December 2006 Examinations (Level I only) 17 March 2006 Early registration deadline 15 August 2006 Second deadline 15 September 2006 Final deadline CFA Program 42

43 Scholarships for the CFA Program Three Scholarship Programs Student Scholarships For New Level I Only* Awarded by qualified CFA charterholder full-time faculty members Faculty Scholarships Available for Any Level* Awarded to qualified full-time faculty directly by CFA Institute Society Scholarships Available for Any Level* Awarded to qualified candidates by local CFA Institute society * Registration fees waived candidate pays US$150 for enrollment CFA Program 43

44 Scholarships for the CFA Program Important Deadlines Scholarship Application Deadlines 14 January 2006 Faculty and society sponsors submit final list of scholars to Scholarship Office 31 January 2006 Final Deadline: all forms received by CFA Institute For more information on the scholarship programs, go to CFA Program 44

45 More Information About the CFA Program The Americas P.O. Box 3668 Phone: or Ray C. Hunt Drive Fax: Charlottesville, VA USA Asia-Pacific Suite 3407 Phone: or Two Exchange Square Fax: Connaught Place [email protected] Central Hong Kong, SAR Europe 29th Floor Phone: One Canada Square Fax: Canary Wharf [email protected] London E14 5DY United Kingdom CFA Program 45

46 Chartered Financial Analyst A Symbol of Integrity and Professional Excellence CFA Program 46